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Joint Capital Development Acquires Multifamily Asset At 295 Clifton Place From Eduardo Vargas For $2M

Property Image
SOLD
$2,000,000

New York

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MultiFamily3,520 SF
Sold 09/05/2024
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Property Image
SOLD

Joint Capital Development Acquires Multifamily Asset At 295 Clifton Place From Eduardo Vargas For $2M

295 Clifton Place

See Similar Deals
MultiFamily3,520 SF
Sold 09/05/2024
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$568
Total Square Footage:3,520 SF
Transaction Type:Sale

This multifamily asset located at 295 Clifton Place in Brooklyn has been sold for $2,000,000. The property consists of 3 units, spanning a total square footage of 3,520, which translates to a price per unit of $666,666 and a price per square foot of $568.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,000,000
  • Buyer: Joint Capital Development
  • Seller: Eduardo Vargas
  • Broker: Sixx Lee - Moving Keyz Realty
  • Units: 3
  • Square Footage: 3,520
  • Price Per Unit: $666,666
  • Price Per Square Foot: $568

Sixx Lee from Moving Keyz Realty represented the sale. The deal involves a 10 unit condo project that is currently under construction, with plans to complete 10 condominiums by 2026. The condominiums will range from one to three bedrooms, including a penthouse and a ground level duplex, pricing an average of about $1,200 per square foot.

Players

Sixx Lee
Moving Keyz Realty
Sixx Lee
1 deal$2M volume(646) 464-2942
BROKER

Details

SOLD
IMAGE: Sixx Lee DATE: 09/05/2024 ADDRESS: 295 Clifton Place MARKET: Brooklyn ASSET TYPE: Multifamily BUYER: Joint Capital Development SELLER: Eduardo Vargas BROKER: Sixx Lee (@SixxSeries) - Moving Keyz Realty (@MovingKeyz) SALE PRICE: $2,000,000 UNITS: 3 ~ PPU: $666,666 SF: 3,520 ~ PPSF: $568 NOTE FROM BROKER: This is a 10 unit condo project that is being built. There is going to be 10 condominiums at an average price of about 1200 per square foot. There will be one to three bedroom units, including a penthouse and a ground level duplex. The project will be done by 2026. And will also be presented by Moving Keyz Realty.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$106,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,105.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,481.02
Annual Debt Service$113,772.24